Florida's Basic Fun has seen a sharp pickup in business since coronavirus shutdowns started lifting in May, but the toy importer needs more cash to buy goods for the Christmas shopping season.
Toys are part of the"stay at home culture," Foreman said. In particular, Care Bears, a retro product line of cuddly collectibles first popular in the 1980s, are"selling like crazy," he said, and could mean a strong holiday season.There is one problem, though - Basic Fun needs US$10 million, immediately, to order more bears and other products for the holidays from manufacturers.
He was banking on the U.S. Federal Reserve's mid-sized business lending program to tide over the company. But top banks are shunning the program, and the banks that are involved are mostly serving existing customers, Foreman said.